U.S. President Donald Trump insists that his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing.
US President Donald Trump
On Monday, President Donald Trump continued to fall in global markets following last week’s tariff announcement, fears about a recession continued to grow. “Be strong, brave, patient, greatness will be the result!” he wrote Truth Social on his social media platform. Trump accused other countries of “utilizing the good America!” about international trade, saying: “Our past leaders allowed this.”
The Republican president insists that his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He listed China as “the biggest abuser of all” and criticized Beijing for increasing its own tax on retaliation. He also called on the Fed to lower interest rates. Fed Chairman Jerome Powell warned Friday that tariffs could increase inflation, saying: “There is a lot of waiting and seeing things, including us, before any decision is made.”
Trump spent a weekend in Florida and arrived Thursday night to compete in his Miami golf course for Saudi-funded competition. He lives in Mar-a-Lago, a private club in Palm Beach, and plays golf on two nearby properties. On Sunday, he posted a video saying he played a driving game and took a reporter on the Air Force that night, where he won the club championship. “It’s a good thing to win,” Trump said. “You heard I won, right?” He also said that despite the turmoil in global markets, he would not back down on tariffs.
“Sometimes, you have to take medication to solve some problems,” Trump said. Goldman Sachs released a new forecast that even if Trump traces back from tariffs, a recession is more likely. The financial company said economic growth will slow down significantly “in severe tightening of financial conditions, resistance to foreign consumers and the continued surge in policy uncertainty, which may be more than we previously assumed. On Monday, the president plans to welcome the Los Angeles Dodgers in Los Angeles on Monday to celebrate his world competition to celebrate his world conference in the afternoon.
Trump has struggled for a unified front after the chaotic infighting of his first term. However, economic turmoil exposed some fractures within his different league of supporters.
Hedge fund manager Bill Ackman slammed “indifferent to the stock market and the economic collapse” on Sunday after Commerce Secretary Howard Lutnick. He said before joining the Trump administration, Cantor Fitzgerald, a financial company led by Lutnick, made immediate profits from bond investments.
Ackman apologized for his criticism on Monday but reiterated his concerns about Trump’s tariffs. “Looking at what I think is a major policy mistake, I think it is a major policy mistake, and it is a huge economic progress faced by tariffs,” he wrote on X. He insists that other countries (not the United States) “will bear the brunt of tariffs”. Trump has expressed doubts over tariffs over the weekend that billionaire Elon Musk, the top adviser to the federal government overhaul, said he was skeptical of the tariffs. Musk said the tariffs would increase the cost of his electric car maker Tesla.
“I hope that Europe and the United States, in my opinion, both Europe and the United States should adopt a zero-tariff situation, effectively establishing a free trade zone between Europe and North America,” Musk said in a video conference with Italian politicians. “This is certainly my advice to the president,” he added. Peter Navarro, a Trump trade adviser and tariff supporter, later told Fox News that Musk “doesn’t understand” the situation. “He sells cars,” Navarro said. “That’s his job,” he added: “He just protects his own interests like any businessman.
(This story has not been edited by DNA staff and published from PTI except for the title.)
